Cryptocurrency proponent and Republican Senator Cynthia Lummis has accused the Securities Exchange Commission under former Chairperson Gary Gensler of undermining lawmakers' efforts to regulate cryptocurrencies. Lummis filed a 29-page amicus curiae statement with the US Court of Appeals for the Second Circuit in connection with the Securities Exchange Commission's (SEC) case against Coinbase, in which the SEC alleged that the exchange was not legally registered. "During the Biden administration, the SEC's approach has been to aggressively reinterpret the legal precedent laws governing the Howie rule and investment contracts, keep those interpretations confidential, and then require digital asset exchanges to comply," Lummis said. "This approach is not in the spirit of America, and it is Congress's job to provide a legislative framework that clearly delineates the line between securities and commodities."